Stocks slip into red again on sell-off in most sectors

FE Report | Thursday, 29 August 2019

The Dhaka bourse slipped into the red zone again on Wednesday, after a single-day break, with investors going on a selling 'frenzy' throughout the trading session.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), settled the day 0.74 per cent or 38.70 points lower at 5139.99.
Amid price corrections witnessed by majority of listed securities, the broad index, however, escaped a large fall riding on price appreciation of some large-cap securities.
The market opened on a positive note and the index saw its upward trend continue for the first 30 minutes.
But soon afterwards, the DSEX started to fall due to the selling pressure from most of the sectors of the listed securities. And the decline continued until the closure of the session, with no efforts of recovery seen.
At the end of the day, losers beat the gainers, as out of 350 issues traded, 262 declined while 59 issues gained and 29 remained unchanged.
According to the International Leasing Securities, big sell-off of shares of all the sectors -- except fuel and power, food and mutual fund sectors -- contributed to the fall in all the three indices.
The shariah-based index, DSES, declined 0.48 per cent or 5.79 points to close at 1192.54.
The DS30 index, comprising blue chip securities, went down by 0.62 per cent or 11.43 points to finish at 1817.71.
According to the EBL Securities, investors exerted selling pressure mainly on bank, telecommunications and engineering sectors.
The turnover, another vital indicator of the market, clocked in at Tk 4.56 billion, down 2.35 per cent from the previous session.
Of the major sectors which witnessed price correction, the banking sector slumped 1.1 per cent, engineering 0.9 per cent, financial institutions 0.9 per cent, telecommunications 1.1 per cent, and textiles 1.3 per cent.
Of the sectors which witnessed price appreciation, fuel & power gained 0.1 per cent, mutual fund 0.4 per cent, and food & allied 1.4 per cent.
Of the large-cap companies, share price of the British American Tobacco Bangladesh Company advanced 2.17 per cent or Tk 26 to close at Tk 1224 each.
The share price of United Power Generation & Distribution Company closed 1.47 per cent or Tk 5.70 higher at Tk 393.20.
Investors' participation was concentrated mostly on the engineering sector which grabbed 19.5 per cent of the market turnover, followed by pharmaceuticals & chemicals (18.8 per cent), fuel & power (12 per cent) and textiles (8.1 per cent).
The United Power Generation & Distribution Company topped the turnover chart with a value of Tk 293 million, followed by National Tubes (Tk 197 million), Monno Ceramic Industries (Tk 156 million), Wata Chemicals (Tk 139 million) and Monno Jute Stafflers (Tk 125 million).
The Prime Finance First Mutual Fund was the number one gainer in terms of price appreciation. Its share price saw a rise of 9.63 per cent or Tk 1.3, closing at Tk 14.80 each.
Shurwid Industries was the biggest loser, shedding 9.46 per cent or Tk 2.80 to close at Tk 26.70 each.
The Chittagong Stock Exchange (CSE), the port city bourse, also saw its benchmark index -- CASPI - drop 0.55 per cent or 88.56 points to close at 15735.58.
Of 266 issues traded on the CSE, 60 advanced, 183 declined and 23 remained unchanged while the turnover stood at Tk 136.30 million.

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